Published on 21/10/2024 at 09:09 GMT+7 Reading time
PT United Tractors (UNTR), a subsidiary of Astra Group, has announced its exploration budget for gold and silver mines in Sibolga, North Sumatra, and nickel mines in Konawe Utara, Southeast Sulawesi, for the period of July to September 2024.
United Tractors’ Corporate Secretary Sara K. Loebis said the estimated exploration costs through its subsidiary, PT Stargate Dua Pasific Resources (SDPR), will reach Rp4.24 billion (US$274,290).
“Exploration activities will focus on the Alenggo and Lameruru areas in the Langgikima District of Konawe Utara,” she stated in a disclosure to the Indonesia Stock Exchange on Friday, October 18, 2024.
During this quarter, PT SDPR plans to conduct drilling at 128 locations, varying in depth. This exploration effort is supported by several subcontractors, highlighting the company’s commitment to developing mineral resources in the region.
In addition to its mining operations, PT United Tractors is also expanding into the renewable energy sector. The company recently completed the acquisition of PT Supreme Energy Rantau Dedap (SERD), which focuses on geothermal energy development.
This acquisition, carried out by UNTR's subsidiary PT Energia Prima Nusantara (EPN), strengthens the company's position in the renewable energy market. The process involved purchasing shares from major international firms such as Merit Power Holdings, Axia Power Holdings, Tohoku Power Investment Company, and INPEX Geothermal, Ltd., all of which play significant roles in geothermal energy development.
EPN had to meet stringent requirements before finalizing the acquisition, which involved a payment of over US$80 million (Rp1.25 trillion). With this move, Astra Group is intensifying its presence in the geothermal power sector alongside other major players like PT Pertamina Geothermal Energy, PT Barito Renewables Energy, and PT Medco Energi Internasional.
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